Despite being labelled Fund III by the firm, the vehicle is the first raised by founders Jason Caplain and David Jones since launching Bull City last year.

The pair are still listed as part of the Southern Capitol Ventures team, which lost general partner Dave Murray when he died unexpectedly in 2012.

Cisco vice president of US sales Bill McCarthy said, “BCVP is one of the top funds providing strong access and visibility to leading entrepreneurs, talent and deal opportunities in technology in our region.”